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Barclays and US bank Jefferies are among lenders with multimillion-pound exposures following the collapse of Market Financial Solutions, a UK mortgage provider. The firm entered administration after a High Court judge highlighted "very serious" fraud allegations. Barclays reportedly has a £600m exposure, while Jefferies is linked to £100m. Market Financial Solutions cited unexpected banking issues for its insolvency, but allegations from lenders Amber Bridging and Zircon Bridging suggest serious financial irregularities, including claims of "double pledging" of loans. Chief judge Nicholas Briggs said: "The allegations of fraud are very serious."

 

Bloomberg

Reuters

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A group of 14 law firms representing nearly 20,000 plaintiffs is seeking to intervene in Bayer’s proposed class action settlement over alleged injuries from its Roundup weedkiller. They have urged a Missouri judge to delay reviewing the German agrochemical company’s proposed $7.25bn nationwide settlement, saying the deal will not be fair to cancer sufferers and their families. “It is hard to escape the impression that the proposed settlement would give Monsanto everything it desires – a near-complete release of liability for Monsanto and its parent company, Bayer AG – while giving inadequate consideration to many putative class members, who would surrender their substantive rights in exchange for settlement offers that may never result in payment,” the law firms said.

 

Reuters

The Guardian

Prosecutors in Milan have placed the Italian unit of food delivery platform Deliveroo under judicial supervision and its chief executive under investigation for alleged exploitation of workers, according to documents seen by Reuters.  The prosecutors have appointed a judicial administrator to oversee the company to "regularise" its workers and to monitor compliance with labour rules and conditions. The UK-based business was acquired last year by US meal delivery company DoorDash for about £2.9bn ($3.92bn).

 

Reuters

Spanish competition authorities have accused Apple and Amazon of failing to promptly comply with a regulatory order tied to a long-running antitrust case. The CNMC regulator fined the two companies €194m ($228m) in total in July 2023 over anti-competitive clauses outlining Amazon's conditions as an Apple distributor. It said they unfairly restricted the number of Apple resellers on Amazon's website in Spain. The latest finding of infringement could mean a further fine.

 

PYMNTS.com

Reuters

Google has disrupted the operations of a Chinese-linked hacking group known as UNC2814 which had breached at least 53 organisations across 42 countries. The group used Google Sheets to execute their surveillance and data theft, successfully blending their activities into normal network traffic, according to Google Threat Intelligence analysts. John Hultquist from Google's team said: “This was a vast surveillance apparatus used to spy on people and organisations throughout the world.”

 

Reuters

BMW is reportedly in negotiations with the European Commission to establish a minimum pricing model that could replace EU tariffs on its Chinese-manufactured Mini electric vehicles. The initiative follows a recent agreement between Brussels and Volkswagen which secured a tariff exemption for its all-electric Tavascan SUV, and could set a precedent for other manufacturers seeking similar relief.

 

Reuters

Ocado shares fell sharply yesterday morning after the online retailer warned of significant job losses following the collapse of key North American warehouse partnerships. The group said it has closed several automated warehouses in the US and Canada after Kroger scrapped three sites and paused plans for a fourth, while Canadian retailer Sobeys also exited a partnership. Chief executive Tim Steiner said the company is “simplifying” its operating model and targeting £150m of cost savings, with up to 1,000 roles potentially affected. For the year to November 2025, total revenue rose 12% to £1.4bn, while operating costs increased 3% to £1.6bn. Adjusted pre-tax losses narrowed 7% to £353m. The group has invested more than £90m in technology as it advances its automation capabilities, with Steiner saying most of the heavy investment phase is now largely complete.

 

Bloomberg

BBC News

City AM

Swiss food giant Nestlé is overhauling its bonus system to reward top performers. The company is introducing six rankings for its employees to determine payouts. Employees deemed "exemplary" will be eligible for a payout of as much as 150% of the bonus target. Those employees given an "unsatisfactory" rating will receive between 0% and 50% of the target. Bonus targets vary across teams. Nestlé said the system simplifies performance evaluation, development planning and employee feedback. A Nestlé spokesperson said: “The idea behind the whole framework is to really develop people. We also want to change how people behave.”

 

Bloomberg

Reuters

The World Bank has said that full workplace equality does not exist anywhere in the world, and only "less than 5% of women worldwide" live in economies with near full legal economic equality. Even in instances when workplace equality laws are passed by lawmakers they are truly enforced in only about half of all cases, the World Bank said in a report on women, business and the law. “Even in economies that have modernised their laws, women still face constraints that shape the work they can do, the businesses they can start, and the safety they need to pursue opportunities,” said Dr Indermit Gill, the bank’s chief economist.

 

Straits Times

Christophe Leribault has been appointed as the new head of the Louvre, succeeding Laurence des Cars, who resigned in the wake of a jewellery heist and ongoing staff strikes. Leribault, an 18th-century art historian, previously directed the Palace of Versailles and has experience at the Louvre's graphic arts department. "Leribault's priority will be to ​strengthen the safety and security of the building, the collections, and ⁠people, to ⁠restore a climate of ⁠trust, ​and to carry forward, together with all the teams, the necessary transformations for ​the museum," the ⁠Culture Ministry said in a statement about President Emmanuel Macron's choice for the job.

 

U.S. News

The UK government has sanctioned Maritime Mutual, a New Zealand-based marine insurer, for its involvement in facilitating oil trade with Iran and Russia. The sanctions, part of a broader package of nearly 300 measures, include an asset freeze and director disqualification. Maritime Mutual reportedly insured a significant portion of the "shadow fleet," which consists of tankers transporting sanctioned cargoes. Foreign minister Yvette Cooper said the government has "taken decisive action to disrupt the critical financing . . . that sustain Russia's aggression." The company has denied breaching international sanctions.

 

The Independent

The European Commission has requested an inquiry into Lord Peter Mandelson's tenure as trade commissioner from 2004 to 2008 following his recent arrest in London for alleged misconduct in public office. The arrest relates to claims he leaked sensitive information to Jeffrey Epstein. The inquiry was prompted by newly released Epstein files, which suggest Mandelson sent Epstein confirmation that there would be a €500bn Eurozone bailout hours before it was announced. A spokesperson for the commission said: "Whenever there is any indication of a possible breach . . . the commission assesses these possible breaches." Mandelson has denied any wrongdoing.

 

Financial Times

The Independent

Japanese convenience store chain Lawson has opened its first disaster-response-focused convenience store in Futtsu, Chiba Prefecture, designed to support residents during emergencies. Developed in partnership with KDDI, the store is equipped with a Starlink antenna to provide free Wi-Fi if mobile and fixed-line networks fail. It also features a battery charger capable of powering up to 10 smartphones at once, a disposable toilet for use during water outages, digital signage for emergency updates, and a well supplying nonpotable water. Solar panels and storage batteries allow the store to operate during power cuts. While serving as a regular retail outlet, it will also prepare rice balls on-site for customers. Lawson plans to expand the concept to 100 stores nationwide by fiscal 2030.

 

The Japan Times